- Kering in Talks to Sell La Redoute to Managers
- European Stocks Log Marginal Gains
- Retail Shares Off for Second Day
Most global markets ended the trading sessions Friday on an upnote, with the Hang Seng Index in Hong Kong the exception.
The Nikkei 225 in Tokyo rose 0.7 percent to 11,385.94, while the Hang Seng Index in Hong Kong fell 0.5 percent to 22,782.44.
European stock markets closed up, ending the week at a four-week high amidst better-than-expected earnings and measures of German confidence. The CAC 40 led the way, up 2.3 percent to 3,706.28, followed by the FTSE MIB in Milan, which increased 1.4 percent to 16,233.28. The DAX in Frankfurt was ahead one percent to 7,661.91, while the FTSE 100 in London grew 0.7 percent to 6,335.70.
Retail and luxury stocks mostly made increases, with the day’s biggest gainers including L’Oréal, up 2.6 percent to 112.60 euros; Inditex, 2.5 percent to 102.20 euros, and PPR, 1.9 percent to 171.55 euros. Burberry advanced by a percent to 13.82 pounds, amid fresh rumors that LVMH Moët Hennessy Louis Vuitton may be considering a takeover.
Compagnie Financière Richemont was among the stocks losing ground, falling one percent to 73.80 Swiss francs.
In the U.S., the Dow Jones Industrial Average rose 0.9 percent to 14,000.57, while the S&P 500 Retailing Industry Group inched up 0.4 percent to 696.44.
Tiffany & Co., also speculated as a takeover target of LVMH, rose 0.2 percent to $64.38. Another retail gainer was The Wet Seal Inc., rising 0.7 percent to $3.03. The company said its ticker symbol will change on Monday from “WTSLA” to “WTSL.”
Few retailers lost ground, although one exception was Abercrombie & Fitch, losing 4.5 percent to $46.86 as the reported earnings and forecast softness in the next quarter.